Overhyped? Absolutely. But that's what you get when all 4 teams are from the top 10 largest Metropolitan Statistical Areas... Top 7 actually. No other division comes close.
Overrated? I would say no since most don't consider the East to be the best. But I would agree that the NFCW is strongest division as of now.
But as many have already stated, there is not another division nearly as balanced. Has the best mix of competitive balance of Talent, Coaching, and Elements. The teams themselves are some of the most balanced in the NFL and when healthy and 'on', the 4 teams can compete with anyone because of it.